The bank screws customers, the bank screws others, the bank gets caught, it gets fined million or even billions. It follows that justice has been done, or does it? NO! The shareholders take a hit while the perpetrators walk away laughing up their sleeves.
Royal Bank of Scotland
Light fingered rogues who see themselves all right; monstrous bonuses being one technique.
RBS Bankers Bung Themselves £500 Million [ 1 December 2013 ]
QUOTE
Although the bank will rack up losses running to billions of pounds, [ huge ] bonuses will be paid to [ not ] many of its 122,000 employees.An investigation by The Sunday Times last week revealed claims from small businesses that RBS pushed them towards bankruptcy to seize their properties at knockdown prices.
UNQUOTE
Bonuses are an excuse directors use to screw the shareholders. The bankruptcy fraud is another type of thieving, one that accountants use too.
RBS Fined €391 Million For Fraud [ 6 December 2013 ]
This sounds good to the public but it is not. The guilty walk away laughing up their sleeves. The bonuses might be a bit down. So what? They do not have wages or even salaries. Remuneration packages with share options built in mean there will be no pain, or even embarrassment, not in the City. Shenanigans are the norm, not the exception. The fines are paid by shareholders. Who cares about them?
Deutsche Bank Fined €725 Million [ 6 December 2013 ]
They are bigger thieves than RBS.
BNP Paribas Threatened With $10 Billion Fine
This is American thugs putting the frighteners on. The excuse is sanction breaking.
Barclays Bank Fined £26 Million For Robbing A Customer [ May 2014 ]
Bankers Steal - Shareholders Get Fined £2.6 Billion [
13 November 2014 ]
QUOTE
Dozens of
traders face prosecution after five banks were fined £2.6 billion yesterday
for fixing currency markets.
Damning
transcripts of City workers bragging about making ‘free money’ and laughing
at ‘numpties’ not in on their scam were published by regulators.
UNQUOTE
The banks cheat, the banks lie but when questions are asked they pay fines with
other people's money. Do they care? Not as long as they stay out of prison. Big
fines make the regulators look good. It is also much easier than going to trial
against traders with high price lawyers.
PS
Iceland Jails Bankers - Iceland Recovers Well
Bent Banks Buy Off Prosecutors With $2 Billion Bribe
[
14 August 2015
]
QUOTE
Nine major banks accused of foreign-exchange rigging have agreed to pay more
than $2bn (£1.28bn) to investors in settlements, a law firm involved in the
process said Thursday.
Plaintiffs have "reached settlements totalling more than $2bn with Bank of America, Barclays,, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS and UBS," legal firm Hausfeld said in a statement published after a hearing in New York.
Hausfeld, which represented investors, gave no indication how the sum
would be divided between the banks and said that the agreements were
preliminary and must still be approved by US District Judge Lorna
Schofield.
UNQUOTE
The banks bought their victims off because and only because they had what it
took to buy the lawyers, to buy what might loosely be called justice. The normal
practice is that the bung is paid while the perpetrators walk free. It has just
happened again. LIBOR is just another fraud used in
Wall Street.
HSBC Fined EUR33 Million For Thieving
[ 9 December 2016 ]
QUOTE
A five-year investigation by competition authorities in Brussels into
rigging of interest rates drew to a close on Wednesday when three major
banks – including
HSBC – were fined €485m (£412m) for colluding to manipulate a
crucial benchmark rate.
The three banks, which also included JP Morgan Chase and Crédit Agricole, did not agree to an earlier settlement involving a seven-bank cartel over the setting of the interest rate known as Euribor. All three deny wrongdoing.
JP Morgan was fined €337m, HSBC €33m and Crédit Agricole €114m. The levels were based on the time they participated in the cartel and the value of products involved............
The three banks fined on Wednesday had not participated in the 2013 settlement and JP Morgan said it was considering a possible appeal to the European court. Crédit Agricole said it would appeal. HSBC said it was considering its legal options.......
The rate-rigging scandal
erupted in June 2012 when Barclays was fined £290m by regulators on both
sides of the Atlantic, unleashing a wave of public anger about banks
and sparking the parliamentary commissions into banking standards. It
also led to a wave of other fines on banks and prompted the Treasury to
change the rules so that the fines went to the exchequer rather than
back to the regulator.
UNQUOTE
Deny everything and hire expensive lawyers is the response. HSBC got off
lightly. There was all the fun with LIBOR a few
years ago. Local banking is straight - apart from screwing us through interest
rates, isn't it? Casino banking is another
ball game. See e.g. Betting on the
Blind Side or even get the book. It tells us how they steal billions and break
nations; causing the Financial Crisis
2008 was part of it.
PS The Telegraph &
Daily
Mail are keeping quiet about this one. Advertising revenue matters.
Santander Fined £33.8 Million For £183 Million Fraud [ ]
Barclays Bank Fined $15 Million For Trying To Unmask A Whistleblower
[ 20 December 2018 ]
Will the perpetrator get sacked? At all events they will try not to get
caught again. They might even clean up their act.
HSBC Paying $192 Million Fine For Protecting Americans From Taxman
[ 22 December 2019 ]
QUOTE
Switzerland’s HSBC Private Bank has agreed to pay the U.S. Government $192
million in penalties after it admitted encouraging wealthy Americans to hide
$1.26 billion in assets from tax authorities. The Geneva-headquartered bank
entered into a
deferred prosecution agreement with the Department of Justice on
Tuesday, following an investigation that focused on HSBC’s activities
between 2000 and 2010.
A Department of Justice statement on Tuesday detailed trips taken between 2005 and 2007 by HSBC bankers traveling from Switzerland to the U.S. to “recruit new U.S. clients to open undeclared accounts.”
“HSBC Switzerland conspired with U.S. account holders to conceal assets
abroad and evade taxes that every American must pay,” said Acting Deputy
Assistant Attorney General Stuart M. Goldberg of the Department of Justice’s
Tax Division. “Banks, asset managers and other financial firms enable such
crimes – and we will hold these institutions to account, right along with
the taxpayers that use them to facilitate and disguise illegal activities.”
UNQUOTE
Rich Americans have worked out one way or another that the American
government is a vicious bunch of criminals, eagerly extorting gigabucks to
finance wars, to murder millions, or is it only thousands in
Afghanistan, Iraq et
cetera. This will be the standard deal, which is that the guilty stay out of
prison while the shareholders that take the hit.
Airbus Directors Buy Off Prosecutors With 3.6 Billion Euro Bung
[ 1 February 2020 ]
QUOTE
Airbus for years conducted a “massive scheme to offer and pay bribes”,
involving very senior executives, according to disclosures in courts in
Washington DC, Paris and London, as Europe’s aerospace champion agreed to
pay €3.6 billion in penalties to regulators in France, the UK and the US.
Many of the bribes were paid through shell companies set up by executives working for an autonomous strategy and marketing unit once described by former chief executive Tom Enders as “bullshit castle”, according to investigators in the three countries.
This unit, which managed a corps of middlemen in export markets, concealed the bribes by creating fraudulent contracts, accepting fake invoices for services never delivered, and creating false activity reports, Airbus admitted in the US.
French prosecutors said the company had boosted profits by €1 billion as a result of violations uncovered in their investigation.
The details emerged as courts in the three countries approved the deferred prosecution settlement struck with regulators in France, the UK and US. Airbus will pay €2.1 billion to France, €983 million to the UK and about €530 million to the US.
Airbus’s admission of a string of
bribery and corruption offences stretching back to at least 2008, as well as
breaches of disclosure on US arms export filings, brings to an end a nearly
four-year investigation that marks a milestone for global anti-corruption
co-operation.
UNQUOTE
It is a standard deal in this kind of heavyweight commercial operation. The
firm pays gigabucks, the directors stay out of prison while the share
holders take the hit. It also means that governments have more money to
steal or waste on their schemes.
Tom Enders is one who
walks free.
Deutsche Bank Directors To Pay $150 Million And Stay Out Of Prison
[ 9 July 2020 ]
QUOTE
New York state financial regulators said Tuesday that they have slapped Deutsche
Bank with a $150 million penalty “for significant compliance failures”
in the bank’s dealings with
accused child sex trafficker Jeffrey Epstein, a now-dead investor, as
well as with two client banks.
The New York State Department of Financial Services said that Deutsche
Bank,
which agreed to the payment under a consent order, “failed to properly
monitor account activity conducted on behalf of the registered sex offender
despite ample” public information about Mr. Epstein’s earlier criminal
misconduct.
UNQUOTE
Government forces are serious about making banks spy on customers while bank
officials are serious about staying out of prison. The result is that the
bank's shareholders take the hit. Money
Laundering was invented to screw people. The excuses are criminals in
drugs, pornography, smuggling etc. The reality is different. NB the world's biggest drug
dealer is the CIA; it is how they finance their
War Mongering.
Standard Chartered Bank Fined £46 Million For Telling Fibs
[ 22 December 2021 ]
QUOTE
Standard Chartered has become the
latest bank to be punished by regulators after it was fined £46.5million.
The Prudential Regulation Authority (PRA),
which is overseen by the Bank of England, said the FTSE 100 lender
repeatedly misreported its liquidity position and failed to be ‘open and
cooperative’. It was the biggest fine the PRA has ever
levied in a case where it was the only watchdog involved.
UNQUOTE
Did anyone go to prison? Probably not. What about the directors bonuses?
They might be down bit.